This question helped identify a value of AUM per such person, in turn facilitating an efficiency benchmarking. (Table 2b)AUM per employeeEuropean firms had a lower global AUM per employee (€1.35bn) involved in money management than US-based firms (€1.78bn). Looking only at European AUM and European employees, European firms again had a lower European AUM per employee involved in money management (€1.35bn, exactly the same figure as their global proportion). European non-EU-based firms had the lowest European AUM per employee involved in full-time money management (€1.24bn) compared to €1.44bn for EU-based firms and €2.10bn for US-based firms. (Table 3b)Looking just at European manager countries of origin, the efficiency measurement for France stands out (€1.76bn) when compared to the UK (€1.31bn) and Switzerland (€1.05bn).